Form 2553 PDF

IRS Form 2553 is used to change the classification of a corporation from S-corporation to C-corporation. This post will give you all the answers to your questions about Form 2553 and its PDF version.

Changing the classification of a corporation from S-corporation to C-corporation reduces a corporation’s tax liability by transforming it into a pass-through entity. As such, the company’s earnings pass through to the owners and other shareholders, who pay taxes on the income at individual income tax rates. Suppose you’re not sure whether to elect to be an S-corporation. In that case, it’s worth consulting with a tax attorney or online legal service. Form 2553 should be filed to make this classification change. You can also fill out Form 2553 PDF and report it to the IRS.

What is Form 2553?

Form 2553 is a legal document used to register a small business as an S corporation. The primary reason that business owners file Form 2553 is for tax purposes. The S corporation taxation regime is similar to limited liability companies and partnerships.

Form 2553 is a tax form that needs to be filed by corporations with more than one shareholder. It asks about your business’s fiscal year and the number of shareholders. You can use either a calendar tax year or a non-calendar year, depending on your needs. Usually, companies use the calendar tax year. However, some businesses use a different tax year, such as the ownership or natural tax year.

Can I fill out Form 2553 PDF Online?

Yes, you can fill out the 2553 Form online, then print out the completed version to send to the IRS. The form asks for basic information about your business, such as the name of the principal office, address, and telephone number. It also requests the Employer Identification Number, or EIN, which acts like a Social Security number. This number is required for tax purposes, as it identifies the entity. You must also provide the Social Security numbers of the owners/shareholders of your company.

A late filing of Form 2553 may be permitted if you have a good reason. You can explain your excuse on the lines provided or attach a statement. The tax year entered on line E must be three years and seventy-five days before the end of the tax year to qualify for late filing relief. Lastly, you need to sign the form by an authorized officer.

How to Fill Out Form 2553?

If you want to fill out Form 2553 PDF, here are all the instructions you need before you report your taxes to the IRS:

  • Part 1
    • Fill out your business’s name, address, incorporation date, and tax year.
    • Skip Section G if you don’t have at least 100 shareholders.
    • View the IRS Form 2553 Instructions PDF for help with choosing the appropriate tax year in section F
    • Fill out Section I if you are a late filer.
    • Provide the name and addresses of all your shareholders and their signatures approving the S corp election in the last section
  • Part 2
    • If you selected boxes 2 or 4 in item F, you must fill out part II.
    • If this part looks a little bit challenging for you, get help from the IRS Form 2553 Instructions document.
  • Part 3
    • Small business owners should leave this part empty. Subchapter S qualified trusts should fill out Part 3 only.
  • Part 4
    • Fill out Part 4 if you’re late for the Form 2553 filing date.

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